CAPE CORAL, Fla.-- It's a flattering distinction for an area that's been hit hard by the economy. Job loss and foreclosures are not keeping people away from spending their golden years in the Southwest Florida sunshine.

The list, compiled by Portfolio.com, ranks the Top Ten most popular retirement locations across the country.

Eight of the top 10 locations are in Florida, and three of those are in Southwest Florida.

Cape Coral-Fort Myers ranks number four, Naples came in at number five, and Punta Gorda is ranked 9th.

The study used a six-part formula to rank 157 metro area.

It considered factors such as size, geography and current senior population.

Mike Quaintance, President of the Cape Coral Chamber of Commerce, says retirees bring business to the area.

He thinks Southwest Florida will become a hub for the aging, thus attracting businesses that cater to elderly populations, particularly those in the health care industry.

Quaintance says Cape Coral city planners predict that city can be home to about 450,000 people. Right now, the population is about 160,000. He thinks many retirees will fill that gap.

The Most Popular Retirement Cities, according to Portfolio.com, are:

1- Bradenton-Sarasota, Fla.

2- Prescott, Ariz.

3- Lake Havasu City, Ariz.

4- Cape Coral-Fort Myers, Fla.

5- Naples, Fla.

6- Palm Bay-Melbourne, Fla.

7- Homosassa Springs, Fla.

8- Ocala, Fla.

9- Punta Gorda, Fla.

10- Port St. Lucie, Fla.